QUÉBEC CITY, Oct. 11, 2012 /PRNewswire/ - Aeterna Zentaris Inc. (NASDAQ:
AEZS) (TSX: AEZ) (the "Company") today announced that it has commenced
an underwritten public offering of units (the "Offering"), consisting
of common shares and warrants to purchase common shares.

Roth Capital Partners, LLC, is acting as the sole book-running managerfor the Offering. The Offering is subject to market conditions and there
can be no assurance as to whether or when the Offering may be
completed, or as to the actual size or terms of the Offering.

The Offering is being conducted pursuant to the Company's effective
shelf registration statement on Form F-10 filed with the U.S.
Securities and Exchange Commission (the "SEC"), its corresponding
Canadian base shelf prospectus and an exemption from the Autorité des marchés financiers permitting the Company to offer common shares and warrants in the
United States. A preliminary prospectus supplement relating to the
offering will be filed with the SEC and with the securities regulatory
authority in each of the provinces of Canada. When available, a copy of
the preliminary prospectus supplement and the accompanying base shelf
prospectus can be obtained on the SEC's website at www.sec.gov or on the SEDAR website maintained by the Canadian Securities
Administrators at www.sedar.com. Alternatively, copies of the preliminary prospectus supplement and the
accompanying base shelf prospectus may be obtained upon request by
contacting Roth Capital Partners, LLC, 888 San Clemente Drive, Newport
Beach, CA, 92660, (800) 678-9147, e-mail: rothecm@roth.com.

This press release does not and shall not constitute an offer to sell or
the solicitation of an offer to buy any of the Company's securities,
nor shall there be any sale of the Company's securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.

About Aeterna Zentaris

Aeterna Zentaris is an oncology and endocrinology drug development
company currently investigating treatments for various unmet medical
needs. The Company's pipeline encompasses compounds at all stages of
development, from drug discovery through to marketed products. For more
information please visit www.aezsinc.com.

Forward-Looking Statements

This press release contains forward-looking statements made pursuant to
the safe harbour provisions of the U.S. Securities Litigation Reform
Act of 1995. Forward-looking statements involve known and unknown risks
and uncertainties that could cause the Company's actual results to
differ materially from those in the forward-looking statements. Such
risks and uncertainties include, among others, the availability of
funds and resources to pursue R&D projects, the successful and timely
completion of clinical studies, the risk that safety and efficacy data
from any of our Phase 3 trials may not coincide with the data analyses
from previously reported Phase 1 and/or Phase 2 clinical trials, the
ability of the Company to take advantage of business opportunities in
the pharmaceutical industry, uncertainties related to the regulatory
process and general changes in economic conditions. Investors should
consult the Company's quarterly and annual filings with the Canadian
and U.S. securities commissions for additional information on risks and
uncertainties relating to forward-looking statements. Investors are
cautioned not to rely on these forward-looking statements. The Company
does not undertake to update these forward-looking statements. We
disclaim any obligation to update any such factors or to publicly
announce the result of any revisions to any of the forward-looking
statements contained herein to reflect future results, events or
developments, unless required to do so by a governmental authority or
by applicable law.